Direxion Daily Technology Bull 3X Shares (NYSEARCA:TECL) Stock Price Down 7.5% – Here’s What Happened

Direxion Daily Technology Bull 3X Shares (NYSEARCA:TECL) shares were down 7.5% on Wednesday . The company traded as low as $64.10 and last traded at $64.30. Approximately 1,030,130 shares were traded during trading, a decline of 35% from the average daily volume of 1,578,172 shares. The stock had previously closed at $69.52.

Direxion Daily Technology Bull 3X Shares Trading Down 7.4 %

The firm has a 50-day moving average of $80.50 and a 200-day moving average of $87.46. The stock has a market capitalization of $2.06 billion, a price-to-earnings ratio of 31.33 and a beta of 3.56.

Direxion Daily Technology Bull 3X Shares Announces Dividend

The company also recently announced a dividend, which will be paid on Tuesday, April 1st. Investors of record on Tuesday, March 25th will be issued a dividend of $0.2088 per share. The ex-dividend date of this dividend is Tuesday, March 25th.

Institutional Trading of Direxion Daily Technology Bull 3X Shares

A number of hedge funds have recently modified their holdings of TECL. Millington Financial Advisors LLC raised its position in shares of Direxion Daily Technology Bull 3X Shares by 7.4% in the fourth quarter. Millington Financial Advisors LLC now owns 3,059 shares of the exchange traded fund’s stock worth $252,000 after acquiring an additional 212 shares during the period. TRUE Private Wealth Advisors raised its holdings in Direxion Daily Technology Bull 3X Shares by 1.6% in the 4th quarter. TRUE Private Wealth Advisors now owns 17,776 shares of the exchange traded fund’s stock worth $1,610,000 after purchasing an additional 272 shares during the period. Rovin Capital UT ADV boosted its position in Direxion Daily Technology Bull 3X Shares by 2.6% during the fourth quarter. Rovin Capital UT ADV now owns 12,103 shares of the exchange traded fund’s stock worth $1,096,000 after purchasing an additional 306 shares in the last quarter. LPL Financial LLC grew its holdings in Direxion Daily Technology Bull 3X Shares by 6.3% in the fourth quarter. LPL Financial LLC now owns 5,699 shares of the exchange traded fund’s stock valued at $516,000 after purchasing an additional 340 shares during the period. Finally, Park Square Financial Group LLC purchased a new stake in shares of Direxion Daily Technology Bull 3X Shares in the fourth quarter valued at approximately $41,000.

Direxion Daily Technology Bull 3X Shares Company Profile

The Direxion Daily Technology Bull 3X Shares (TECL) is an exchange-traded fund that is based on the Technology Select Sector index. The fund provides 3x leveraged exposure to a market-cap weighted index of US large-cap technology companies. TECL was launched on Dec 17, 2008 and is managed by Direxion.